Ukraine continues to rank amongst the world's riskiest states. Despite hopes for a successful ceasefire as a result of the Minsk 2 agreements, Aon's report warns a resolution over the disputed region of eastern Ukraine is unlikely in 2015.
It follows similar rankings, including Verisk Maplecroft's Political Risk Dynamics Index, which categorized the country as "high risk" for investors.
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"Russia is clearly suffering," Hennessy said. "[And] that overflows not just into Ukraine - which is suffering as well under significant pressure including from a sovereign debt perspective - but is going to spill out into other trade partners including Belarus and Kazakhstan," he added.